Newsweek, one of the U.S.’s two longest-running weekly news magazines, is being put up for sale by its parent company, the Washington Post. The Post,
which acquired Newsweek in 1961, had been dissatisfied with the publication’s financial performance, and gave it a design and style makeover last year, trying to turn it into a more analytical magazine to compete with The Economist. But Newsweek continued to do worse than its competitor, Time
Magazine. This morning, the head of the Post company, Donald Graham, informed the magazine’s stunned staff that an investment banking firm has
been hired to find a buyer.